Switzerland on Thursday
scrapped its franc's cap against the euro, sending markets into
a tailspin.
The Swiss franc soared some 30% in chaotic trade and the
Zurich stock market plummeted more than 11%.
The Swiss National Bank said the cap, introduced in
September 2011, was no longer justified.
The central bank also reduced a key interest rate from
-0.25% to -0.75%, increasing the amount investors have to pay to
hold Swiss deposits.
The Swiss franc went from 1.20 to the euro to 0.8052
following the SNB move.
Stock markets around Europe plunged with investors buying
'safe haven' assets such as gold and German bonds.
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